7. You are given the following data for 2012 and 2013: LO 9.4 MEDIUM 2012 2013 Money supply 1000 1100 Velocity 8.0 8.0 Real GDP 12 000 12 000

a)Find the price level for 2012 and 2013. What is the rate of inflation between the two years? b)What is the rate of inflation between 2012 and 2013? c)What is the rate of inflation between 2012 and 2013 if the money supply in 2013 is 1100 and output in 2013 is 12 600?